Section 10-846 - Use of bond proceeds and revenues. - Maryland Statutes

§ 10-846. Use of bond proceeds and revenues.
 

(a)  Money held in trust.- Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle. 

(b)  Person holding money to act as trustee.-  

(1) Each officer, bank, or trust company that receives money from the Center under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle. 

(2) The officer, bank, or trust company holding money is subject to: 

(i) any regulation adopted under this subtitle; and 

(ii) the trust agreement securing the bonds. 
 

[2008, ch. 137.]